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President
Xi Jinping’s three and a half hour address to
the Chinese Communist Party Congress in Beijing
garnered quite a bit of press attention last
week. The length of his speech was much remarked
upon, perhaps because of the clear contrast with
the preference for 140 characters of his
counterpart in Washington. But it was the
substance of the speech that made most
commentators sit up and take
notice.
President Xi took the opportunity
to outline an ambitious and aggressive future
path for China both in terms of its domestic
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economic progress and
the part it intends to play in the wider world.
This was quickly framed, somewhat awkwardly, as
“Xi Jinping Thought on Socialism with Chinese
Characteristics for a New Era” and was clearly
aimed at further establishing the president’s
authority over his party and country.
The
plan laid out in the speech reaffirmed what I
have been talking about for a while – China’s
resolve to participate in the big global issues
that will shape the world in the next 50 years.
Sensing a void left by shifts in US policy,
China has already shown signs of wanting to take
the lead in environmental and global trade
issues. It is clear also that China will no
longer be prepared to be a bystander in
geopolitical disputes, particularly those within
its region.
There continue to be serious
questions about the Chinese government’s
attitude towards human rights and the images
coming out of the Beijing Congress do little to
change the country’s authoritarian image. But
the message from President Xi is clear, China
can no longer be considered as just an economic
story. Its influence is likely to extend far
beyond trade in the future.
Guy Dunn
P.S. Here are some articles I found
on EMIS last week on President Xi’s
speech
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XI JINPING LAYS OUT
VISION FOR A STRONGER
CHINA
At the opening of
a top level political meeting Wednesday, Chinese
President Xi Jinping gave a sober assessment of
the challenges facing the world's second largest
economy and its ruling Communist Party.
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XI POISED TO
RESHAPE CHINA
A man who
once seemed shrouded in mystery has made his
worldview clear: Xi has embraced a strongman
style of personal rule rather than being content
with first-among-equals leadership.
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POLAND RETAIL
SECTOR REPORT 2017/2018
Poland's retail
sector is well-developed and has provided a good
springboard not only for its representatives,
but also for the economy as a whole, as it
cushioned the slowdowns in the last two economic
cycles.
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| CEIC DATA POINT OF
THE WEEK
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| CEIC
Data is a sister company of EMIS and
part of the Euromoney Data
Division
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CHINA’S REAL GDP
ROSE 6.8% IN Q3
China’s 3Q2017 GDP rose
6.8% y-o-y, on par with market consensus. From a
year-to-date (YTD) perspective, GDP has expanded
at a very stable pace of 6.9%
y-o-y.
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| Below are
the most read articles in the past week on EMIS
Perspectives, our daily blog of emerging market
news and insights.
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POLAND GIVES UP USD
9.2BN IMF CREDIT
LINE
Poland has decided to
quit from a USD 9.2bn Flexible Credit Line (FCL)
it has with the IMF, PNB reported referring to
Polish Deputy PM Mateusz Morawiecki who was in
the US for the autumn session of the
IMF.
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EBRD, IFC AGREE TO
FUND SERBIA'S LARGEST WIND
FARM
The European Bank
for Reconstruction and Development (EBRD) and
International Finance Corporation (IFC) have
agreed to provide EUR 215mn loans to fund the
project to construct Serbia's largest wind farm
near
Belgrade.
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